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Fed Cuts Interest Rates by 25 Basis Points, Bitcoin Slips Below $104K on Hawkish Tone

The price of bitcoin, already lower from yesterday, dipped below $104,000 in the minutes following the announcement.

The U.S. Federal Reserve lowered its benchmark fed funds rate by 25 basis points to the 4.25%- 4.50% range, its third consecutive easing move this year and now marking a total of 100 basis points of rate cuts since September.

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Market participants had fully expected Wednesday’s move by the central bank, but recent data had shown continued solid economic growth and perky inflation. This turned the focus today to the policy statement, updated economic projections and the upcoming press conference with Chairman Jerome Powell for clues about the Fed’s thinking on future policy actions.

The Fed’s quarterly economic projections — which include the “dot plot” indicating where the central bank expects the Fed funds rate to land over time — reveal that policymakers expect the Fed funds rate to decline to 3.9% by year-end 2025 or another 50 basis points in rate cuts next year. That’s higher than the 3.4% projected in September, signaling a less dovish monetary policy in 2025.

Already lower in the session, the price of bitcoin (BTC) traded slightly above $104,000 in the minutes following the announcement. The S&P 500 index also fell to a session low on Wednesday.

“I think the biggest headache for the Fed right now is the fact that financial conditions have still tightened despite the Fed cutting rates,” Andre Dragosch, European Head of Research at Bitwise, told CoinDesk prior to today’s action. “Long bond yields and mortgage rates have increased since September and the dollar has appreciated which also implies a tightening in financial conditions.”

“A continued appreciation of the US dollar also poses a macro risk for bitcoin since dollar appreciation is associated with global money supply contraction as well which tends to be bad for bitcoin and other crypto assets,” Dragosch continued. “In fact, Fed net liquidity continues to decrease. Tightening liquidity and strong dollar is also the biggest risk for BTC in my view … On the other hand, on-chain factors for BTC continue to be very supportive, in particular the ongoing decline in exchange balances which supports the hypothesis that the BTC supply deficit continues to intensify.”

Fed Chairman Jerome Powell will hold a post-meeting press conference at 2:30 pm ET, which will provide further signals about the U.S. central bank’s intentions.

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Bitcoin Is Leaving Exchanges in Batches of $10M or More: Van Straten

Institutional appetite for bitcoin has grown since Donald Trump won the U.S. election back in November.

Bitcoin (BTC), the largest cryptocurrency by market capitalization, is fighting a big milestone trying to sustain a $2 trillion market cap and a $100,000 price.

Once bitcoin has conclusively overcome these milestones, there may be clear skies ahead. Bitcoin has rallied over $30,000, since Donald Trump won the U.S. election in November, which coincided with many coins leaving exchanges, but primarily BTC leaving in large chunks.

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Glassnode data shows that transactions worth more than $10 million of bitcoin have been leaving exchanges at a rapid rate which signals aggressive buying from an institutional level. Many of these transactions appear to be coming from the exchange Coinbase, which is why we have noticed a Coinbase premium in recent weeks.

As of yesterday, almost 12,500 BTC ($1.3 billion) left exchanges, with roughly half of this amount leaving Coinbase, according to Glassnode data.

Since the U.S. election, Glassnode data reports that roughly 200,000 BTC have left exchanges, which leaves roughly 2.8 million BTC on exchanges which is the lowest amount in the past seven years.

CFTC to Review Prediction Market Kalshi’s Contracts to Bet on Control of Congress

The U.S. derivatives regulator has scheduled a June 26 meeting to discuss starting another review to evaluate whether to approve Kalshi’s event contracts.

The Commodity Futures Trading Commission will decide on June 26 whether to start a formal 90-day review of prediction market provider KalshiEX’s contract that allows users to bet on which party takes control of the U.S. Congress.

The CFTC oversees the company as a designated contract market, and 90-day reviews are the legal process by which the agency can approve or reject contracts. Kalshi had submitted the contract for CFTC review last year but recently withdrew that original request, and the exchange is now returning to the agency with a new submission.

These particular cash-settled, binary contracts would allow users to predict and bet on which parties would have majority control of each of the two chambers of Congress.

The prediction markets – which allow people “to buy and sell contracts on whether events are going to happen or not,” as Kalshi describes it on its site – have had a tumultuous recent history with the CFTC. Other companies had been ordered to cease doing business in the U.S., such as Polymarket and PredictIt, which has been fighting the CFTC in court since last year.

Litecoin Starts June Strong as Investors Eye August Halving, Uptick in Activity

LTC has outperformed both bitcoin and ether over the last 30 days.

Litecoin (LTC) has begun the month with a rally, rising 7% over the last 24-hours, with bulls noting the network’s halving in two months and a significant uptick in activity in May.

It continues a period of overperformance for litecoin, which is up 7.5% over the last 30 days, the third-best result among crypto assets over that period, and topping bitcoin, which is down 6.2% and ether, which has edged lower by 0.5%

Litecoin’s network activity has been picking up all year and more intensely since the beginning of April. Data from IntoTheBlock shows that the total of addresses holding a balance has now pushed to nearly 8.5 million.

Litecoin is also approaching a halving in August which analysts are deeming a significant event for both the network and the price of LTC. Similar to the oft-noted bitcoin halving, the litecoin halving will see its block reward (paid in LTC) slashed by half.

Litecoin is a lot cheaper in terms of units compared to bitcoin, which attracts investors looking to position themselves ahead of the halving, according to Charles Storry, head of growth at Phuture, a crypto index platform. “From investors I’m speaking with, they anticipate the halving to push the price of BTC, LTC and the market,” said Storry.

Litecoin might also be benefitting from the congestion that the Bitcoin network has been witnessing due to the recent burst of activity related to the Ordinals protocol, and leading to soaring costs for users.

“Because of Ordinals and BRC20 tokens taking up large shares of transaction volume on Bitcoin of late, fees have increased as well as the time to process transactions on the network,” said Brent Xu, chief executive officer and co-founder of Umee.

“Litecoin, in a sense, is an old-school clone of BTC and in turn serves a similar purpose,” added Xu. “And this is why you’re probably seeing more people transact in LTC at the moment – it’s serving as an outlet of sorts during a time of BTC congestion,” he said, though cautioning that this has happened before and LTC’s outperformance may thus not be sustainable for the long term.

Nauman Sheikh, Head of Protocol and Treasury Management at Wave Digital Assets, agreed that the halving is influencing the current price performance, noting a 30% rise in open interest for litecoin futures and perpetual contracts during the last week of May.

Fahrenheit Consortium Is Lead Bidder in Bankruptcy Auction for Celsius Assets #prizmabet

The assets include a loan portfolio, mining rigs and infrastrsucture and cryptocurrency worth as much as $2 billion.

A consortium named Fahrenheit, which includes venture capital firm Arrington Capital and miner U.S. Bitcoin Corp, is the lead bidder in the auction for bankrupt lender Celsius’s $2 billion of assets, according to a Wednesday hearing.

NovaWulf, an investment firm which was founded by the duo behind bitcoin miner TeraWulf (WULF), was the original bidder, known as the stalking horse, which set base terms for the auction. The process could be wrapped up as soon as this week.

The assets include Celsius’s mining unit, its loan portfolio, staked cryptocurrency, and other alternative investments, according to court filings.

Fahrneheit is backed by Arrington Capital, U.S. Veri Mining Group, Inc. (known as U.S. Bitcoin Corp.), investment firm Proof Group Capital Management, former Algogrand CEO Steven Kokinos, and investment banker Ravi Kaza. It is formalized as a limited liability company.

Coinbase (COIN) is also involved in the bid, said Michael Arrington, founder of the synonymus VC firm, in a now-deleted tweet reported by Fortune. Arrington is also the founder of tech media site TechCrunch and information platform Crunchbase.

The two bids share similarities. Crucially, Fahrenheit plans to issue equity for the assets that will be managed under the new company, whereas Novawulf planned to tokenize the shares on the Providence blockchain.

“Our bid not structured as a simple asset purchase. We are proposing that the assets be placed into a new company and is run with the sole goal of growing those assets to make stakeholders whole,” Arrington said in a tweet announcing the Fahrenheit project.

Another bid was made by another consortium which includes Van Eck Absolute Return Advisers Corporation, decentralized finance firm Küresel X Digital and Gemini Trust Company.

Judge Martin Glenn expressed concerns that the process might hit a “regulatory roadblock” and compared it to Voyager, another crypto firm that went bankrupt last year. The Celsius kanunî team sought to reassure the judge, citing ongoing discussions with regulatory authorities.

A sale of $1 billion of Voyager’s assets to Binance was abruptly terminated following pushback from regulators.

Proof Group’s Managing Director Noah Jessop has also invested in bankrupt bitcoin miner Core Scientific (CORZ), according to his Twitter bio, which is both in its own Chapter 11 bankruptcy and in a dispute with Celsius.

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